CONGRATULATIONS you are making money as a content creator! Now make sure you’re keeping track of it. Below you will find a free income and expense tracker to keep you organised.
Why track your income and expenses?
Whether it’s only a few dollars from bits and subscriptions or a paid partnership with your favourite brands, you have to pay tax on your income no matter what! You don’t want that coming back to haunt you in the peak of your content creating a career.
This is the admin side of the business you can’t ignore. Solid and responsible bookkeeping will help you a hell of a lot when it comes to filing your tax return at the end of every financial year. Set aside time each week to make sure that you are on top of this, it’s the best way to optimise your return and make sure that you are a legally operating business.
Every country has different expectations, tax legislation, agencies and requirements so make sure that you are keeping up to date with your countries tax law and requirements.
What should you be keeping track of?
EVERYTHING! Make sure that you have a well-kept history of all the payments you have received. You really want to make sure that you are keeping a good grasp on all the incoming and outgoing payments on your account that are related to your content creation (it is probably best that you keep a separate account for this purpose).
When you make a purchase, ensure that you keep a copy of your receipt and check if it is a deduction you can claim. For example, if you purchase a new gaming computer, you need to keep the invoice for that purchase to claim later on down the track. A tax accountant will be able to help determine the percentage you can claim at tax time.
What do you need to put aside?
All receipts of all your expenses, it’s crucial that you keep these if you want to be able to claim it as a business expense or deductible.
The best way to do this is to take a photo of your receipt, save it to your computer and then rename it with the expense name and the date that corresponds with the purchase date e.g. Logitech Camera 19.01.2019. If you’d like to go one step further you can even link the JPEG to your income and expense tracker so that you know that you have that receipt filed away for tax time.
Exchange rate conversion
It’s important to remember that Twitch and Youtube might pay you out in currencies other than your own. If you use the Google Currency Convertor you can get the most up to date exchange rate converter websites.
Once you have converted the currency, keep track of it in your income and expense tracker. Please download and keep all payouts on file somewhere. You can actually export all of your payouts to excel for safekeeping and for taxation purposes
Player 2 HQ Income and Expense Tracker Quick Use Guide:
We have put together this very simple and easy to use income and expense tracker for you to use. You can download it at the end of this article.
Here are some handy tips on how to use it to its full potential:
- Customise your expense categories so that they will align with the deduction categories of your region. This can be done through the “EDIT ME” tab on the expense tracker. An example of a category can be “Twitch Payout” and would fall under deposits of income.
- Using the drop-down menu and selecting a category you can see a running total of what you have spent or had incoming for that category.
- Make sure that you are converting your payments if they are coming through in another currency (e.g. USD to AUD) Google uses all the updated exchange rates!
- To create extra lines right-click insert row, copy and paste the formula in the above row to ensure there are no errors popping up
- Make sure that you enter all the cells otherwise your “overall balance” won’t come up in the last column
Income and expense tracking can be boring but it needs to be done. If you don’t want to do it yourself Player 2 HQ is here to help you out. Let us handle it while you focus on creating amazing content. Get in touch with us to find out more.